Focus On Europe Continues To Drive Markets
10 September, 2012
Mario Draghi announced a bond buying scheme to aid the struggling Euro zone situation and The Monetary Policy Committee voted to keep interest rates at their historic low of 0.5%, a rate they have stood at for 3 years, with no further Quantative Easing announced.
ECB announcements saw the dow jones to rise in the US, giving a slight boost against the euro, but remaining steady against sterling. The EUR/USD saw a move on the back of a powerful +180 pips upside move last Friday, following a very poor US jobs report. This also had an effect on the EUR/GBP pairing strengthening the Euro against the pound to the strongest it has been in weeks.
With the Troika inspectors of the ECB and IMF in Greece and reports published of a 12 Billion Euro austerity package being rejected, it is likely to be another week of market swings for the major pairings as the situation in Europe continues to play out.
If you have any transfers coming up, do make sure you speak to your account manager at Currency Index to avoid any of these market shifts.
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